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One objective of the §363 sale process is to maximize the sale proceeds payable to creditors of the bankruptcy estate. The trick is finding the buyer willing to pay the highest price. Casting a wide net to haul in the high bidder would seem to make sense in most circumstances. The best case scenario is a large pool of competitive bidders driving up the price. Yet, in many cases, little or no real effort is made to advertise the sale. Marketing is limited to sending notice to parties who already appeared in the bankruptcy case, or publication in the legal notices section of a local newspaper, where the odds of being seen by an interested bidder are low to zero.
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Seventh Circuit Applies Safe Harbor to Private Securities Transaction
By Michael L. Cook
“… [T]he term ‘securities contract’ as used in [Bankruptcy Code] §546(e) unambiguously includes contracts involving privately held securities,” The Seventh Circuit held in Petr v. BMO Harris Bank, N.A.
By Lawrence J. Kotler and Elisa Hyder
In Lafferty v. Off-Spec Solutions, the U.S. Bankruptcy Appellate Panel of the Ninth Circuit held that the discharge exceptions under Section 523(a) do not apply to corporate debtors under Subchapter V of Chapter 11 of the Bankruptcy Code.
Merchant Cash Advances Could Be More Trouble Than They’re Worth
By Joseph Pack and Jessey Krehl
As small-business owners have continued to struggle in an uncertain economy, a growing number have begun the dangerous practice of relying on merchant cash advances — essentially seeking financial shelter in a lion’s den.
Biotech Industry Bankruptcy Case Update: ‘Zymergen’ and ‘Humanigen’
By Edward E. Neiger, Marianna Udem and Joo Hee Park
This Bankruptcy Case Update focuses on the recent biotech industry bankruptcy cases of Zymergen and Humanigen.
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